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PPI claim: UK banks set aside £10bn for mis-selling

All UK banks have set aside £10 billion in total as provisions for payment protection insurance (PPI) claims.

From the start of July 2012, all banks have had to be prepared to pay out for mis-sold PPI in what is now widely known as one of the biggest mis-selling scandals. This has brought in the high provisions collectively set aside as thousands of new claims continue to be brought in every week.

Of the banks, Lloyds has set the highest amount of money aside with provisions totalling at over £3.6 million.

Barclays recently added £600 million to the amount of provisions set aside for mis-sold PPI alongside a further £400 million for mis-selling interest swap rates to small businesses. The bank’s current provisions are now totalled at £2.6 billion.

According to a report from Which? the current provisions set aside by banks will have run out by December. It reported that 2.5 million people had been paid for mis-sold PPI and valued the total bill paid so far at £8.05 billion.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801537739-ADNFCR

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